

■^^^ Cooperative Extension Work in Agriculture and Heme Economics 

 i^cF' "2_ University of Illinois College of Agriculture, Urbana, Illinois 

 ^^ and U, S, Department of Agriculture cooperating 



WEEKLY EE7IEW AKD FARM OUTLOOK LETTER 



By G. L, Jordan 

 Professor, Agricultural Economicp 



Xfeirersity of Illinois jHt u.^nmy of the 

 College of Agriculture 



J UN 2 'J 1344 

 (February 10, 19ifi4-) 



UNiv:Rs:Ty of lUiNois 



The t«nporary price ceiling controls o-rer onts, "barley, rjid grain aorghune 

 have "been extended at the same level. However, Mr, Fred M. Vinson, director of eco- 

 nomic stabilization, has directed the Office of Price Administration to prepare a re- 

 vision which will reduce these prices to parity. 



To help them dispose of their wheat, the Commodity Credit Corporation an- 

 nounced that it would buy wheat from farmers at a fraction of a cent under ceiling 

 prices so long as metal stoarage bins were available. 



Congested hog markets are the rule, and there is no sign of a letup. For 

 the month of January, receipts of saleable hogs at 12 public markets were 91 percent 

 larger than in January 19^5- For the week ending February 5, they were up ll8 per- 

 cent. The average weight of barrows and gilta at Chicago in Janueiry was '^2 pounds 

 compared to 2h'^ pounds a year earlier. This year they brought $13.51 compared to 

 $11^.85 last year. 



Cattle receipts for January were 27 percent higher than a year earlier at 

 these 12 markets. Calf receipts are beginning to show phenotaenonal increases also. 

 For January, they were up 57 percent ccntpared to January 19^5. The confidence of 

 livestock men in the outlook has weakened considerably. Inasmuch as the cattle man 

 has little protection as far as government supports are concerned, this attitude can 

 be well understood, particularly in light of the optimistic statements we have heard 

 concerning the possibility of terminating the European phase of the war in 19^^. Be- 

 fore extending livestock liquidation too far, farmers should remember that the war 

 is not over and may not be over as soon as we might hope and that the demand for meat 

 and animal products will probably remain at a very high level for some time after the 

 war is over. 



For the year 19^4- total consumption of protein meal by mixed feed maniifac- 

 turers must not exceed the average quantity used during the calendar years of 19^2 

 and 19^5, 



The War Pood Administration announced the continuation of dairy production 

 payments up to February 17 at the same basic rate as those in effect for January. If 

 the Congress continues the Commodity Credit Corporation without limitations prevent- 

 ing dairy production payments, it is expected that the rates for the remainder of 

 February and for March and April will be adjusted to take into account increases in 

 feed and other costs since the original rates were established last October. However, 

 as pastures become available and more productive, the general dairy payments will 

 probably be adjusted to a seasonally lower rate followed by seasonally higher rates 

 next fall and winter, 



• -0- 



GLJidh 

 2-iO-Mv 



